Controlling your finances in UK has never been more difficult; national levels of personal debt spiralling out of control, house prices out of reach for most first-time buyers, high street banks warning of increased numbers of people unable to pay off their debts, and oncoming pensions time bomb looming in distance. The question exercising economic analysts and institutions is what can be done to resolve?
Over past few years, due in part to expansion of online services, there has been an explosion in number of sources providing financial information to consumers. You can find address of your nearest financial adviser (http://www.searchifa.co.uk/), compare credit cards or loans (http://www.moneynet.co.uk/), check your credit score (http://www.mycallcredit.com/), and seek help when difficulties arise (http://www.citizensadvice.org.uk/index/getadvice.htm or http://www.nationaldebtline.co.uk/). These sites provide a wealth of information, however often problem is simply down to knowing where to start looking for help, or even acknowledging that there might be a problem in first place.
Now BBC along with Financial Services Authority (FSA) have just announced launch of a new collaborative initiative to help people gain a better understanding of their financial situation, and provide useful links to information and checklists that can be used to sort out your budget and plan for future.
With just a few mouse clicks BBC (http://news.bbc.co.uk/1/hi/business/4551471.stm) aims to give consumers access to articles and tips to take some of distress out of sorting your finances. Although it may not be most exciting site on web, it is extremely informative, containing up-to-date information and links, and with backing of FSA financial regulators, there is an assurance that information is kept accurate.
Hopefully this new resource, coming from BBC, will mean there is an increase in level of financial awareness in UK. The timing of new service corresponds with calls in Scotland, by Executive, for “not-for-profit” organisations to come up with new innovative ways to prompt working population to save for retirement. The Scotsman newspaper asserts that this “translates as hammering home message that we must all save more to support ourselves in old age: as government has no intention of doing so.”